Daily Price Action: E-mini S&P 500

Al Brooks provides bar-by-bar analysis on a five-minute chart of the previous day’s prices action in the E-mini S&P 500. This is his analysis for Friday, May 19, 2017.

Bar 1 - Doji bar at 60-minute 20-bar exponential moving average, but high of yesterday and low of last week 2379 both magnets above

Bar 2 - Big bull bar. Bulls want breakout high of yesterday and 60-minute 20-bar exponential moving average, and then test 2379 low of last week. Always in long, but possible inside day. Better to wait for a strong bear breakout, or more selling pressure and second entry sell

Bar 6 - Breakout pullback buy or long but doji, big tail 5 at low of last week, possible sellers above or probably sellers at the high of the bar scaling in higher. Next target above is gap above wed high

Bar 11 - Breakout pullback buy or long but doji and many small bars, probably parabolic wedge after new high, sellers above or probably sellers at the high of the bar scaling in higher 10, then sideways to down for 5 – 10 bars